Indian Economic Law

If you want to do business in India, it is important to recognize some essential economic laws in India. These include laws framed as early as 1872 (which are still applicable) as well as those framed just a few years ago.

Broadly speaking, you need to be familiar with 20 essential economic laws, listed here in chronological order. They form the overall legal framework of the Indian business environment.

The Indian Contract Act (1872): Established the framework within which contracts can be executed and enforced.

Competition Act (2002): Provided for the establishment of a commission that promotes competition, protects consumers, and ensures freedom of trade.

In addition to the above acts, you need to take note of Indian Company Law, which gives details of how to function as a corporate entity in India.

By and large, the economic legal system provides a fair, equitable, and transparent framework for both employers and employees. The Indian Contract Act and the Negotiable Instruments Act are both considered top of the legal charts. A fair understanding of at least these two laws is essential for doing business in India.

Find books that explain the details of the Indian Contract Act and the Negotiable Instruments Act. Treat them like twin Bibles while doing business in India. You can ask your Indian contacts to get copies for you, or you can just browse some online bookstores.